Granules India Reports Nearly Three-Fold Rise in Q1 Profit

Granules India announced a nearly three-fold increase in profit after tax for Q1 FY2024, reaching Rs 135 crore. Revenue also saw a rise to Rs 1,180 crore. The company attributed the strong performance to growth in the formulation segment, a strong North American market, and product diversification.

Granules India announced on Tuesday that its profit after tax (PAT) for the first quarter ended June 30, 2024, soared nearly three-fold year-on-year to Rs 135 crore.

The pharmaceutical company had reported a PAT of Rs 48 crore for the same quarter in the previous fiscal year.

Revenue from operations surged to Rs 1,180 crore during the period under review, up from Rs 985 crore in the corresponding period of the prior year, according to the company's regulatory filing.

''With our robust quarterly performance, we are back on our planned trajectory after a few setbacks last year,'' said Krishna Prasad Chigurupati, Chairman & Managing Director of Granules India.

The Q1 performance underscored continued growth in the formulation segment, a strong presence in North America, and successful product diversification, he added.

Shares of Granules India closed 4.15 percent higher at Rs 587.80 per share on the BSE on Tuesday.

(With inputs from agencies.)